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UC Nationwide £100
chrismascarrot
Posts: 4 Newbie
For universal credit (England) will the Nationwide £100 I have been told I will receive count as income and need to be declared to universal credit?
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Comments
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Nationwide state:
How is the payment treated for tax purposes?
https://www.nationwide.co.uk/about-us/fairer-share/terms-and-conditions/The payment is taxable savings income. This means that it is treated in the same way as any interest you may earn on your savings account or current account. We are not required to deduct any tax from the payment, but we will report it to HM Revenue & Customs (HMRC).
Given it is taxable I would assume it's classed as income for UC purposes.1 -
kaMelo said:
The payment is taxable savings income. This means that it is treated in the same way as any interest you may earn on your savings account or current account. …
Given it is taxable I would assume it's classed as income for UC purposes.
Taxable savings income would count it as capital, surely?2 -
Yes agree, this is capital and not unearned income.The comments I post are personal opinion. Always refer to official information sources before relying on internet forums. If you have a problem with any organisation, enter into their official complaints process at the earliest opportunity, as sometimes complaints have to be started within a certain time frame.2
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Brain fade moment, I had my tax head on. Sorry about that.For UC it is of course capital rather than income. .1
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Nationwide are funny with payments going in they will usually write to you eventually, and ask what they're for and in some cases threaten to close the account. But you can appeal it, and have them look at it again. But you will have to tell them what it's for, being a regular payment.1
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Thanks everyone for your help.That’s good to know.0
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If you are not paying Tax they should do a form for you to fill out to stop deductions you will need your Tax code and ID so they don't deduct the tax. I think it's a bot that flags 🚩 up payments in or donations out for Charity or selling online but as long as it's ( PERSONAL) and not business activities you should be OK.1
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This shouldn't be an issue because taxable savings interest isn't taxed at source.TimeLord1 said:If you are not paying Tax they should do a form for you to fill out to stop deductions you will need your Tax code and ID so they don't deduct the tax. ..Information I post is for England unless otherwise stated. Some rules may be different in other parts of UK.1
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